Platinum Equity will acquire BWay Parent Co. from funds managed by Madison Dearborn Partners LLC via a merger. BWay’s senior executives, along with a number of other employees, will invest alongside Platinum.

The deal is being financed through a combination of equity and debt financing, and is expected to close in the fourth quarter of 2012.

Madison Dearborn acquired BWay in 2010.

Atlanta-based BWay Corp. makes rigid packaging — including pails, drums and tight head containers — from plastic, metal and hybrid materials. It operates 22 plants in the U.S. and Canada.